Wednesday, February 25, 2009

What am I rich? How not to cancel your credit card

I just called my credit card company to cancel my card. I have two credit cards and I really only need one because I've decided to start paying cash for stuff again. Although credit card companies offer (pathetic) incentives to users they rip-off merchants big-time (not to mention consumers who carry a balance). I'm not really cool with that since most of the places I shop are local and I don't want them to have to pay commission on the sales they make to me.

Anyway, the card I was going to cancel was my points accumulating card (I'm not mentioning any brand names for security reasons) because the points take forever to accumulate and they are a bit of a hassle to use. My other card offers cash back which, despite being equally pathetic in terms of reward, is far simpler to understand. But when I called the company to bail they offered me a $50 dollar credit to stay. At first I said "no, cancel it anyway," but then after I'd hung up I realized that I had just said no to $50! What am I stupid. So I called right back and got reinstated. As long as I call to cancel again before April (when the annual fee is due) I'll be $50 richer for wanting to cancel my card. If only I could do that with my Hydro bill.

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